Hong Kong's “Principles of Responsible Ownership,” issued by its Securities and Futures Commission, offer a telling example of what it means to be an international financial centre in 21st century Asia. The point of this stewardship code is to nudge institutional investors toward responsible...

Small businesses are at the heart of most economies. Yet their combination of high risk and opacity with uncertain return dissuades banks and other investors from providing the necessary financial backing to get a business off the ground. Overcoming the significant asymmetries of information is...